NACH Debit payments are processed and paid out to merchants on the same day they are charged.
Payment can be created at any time and scheduled for a certain date, but will only be submitted to the banking system when the mandate is active and the day is a working day for NACH. NACH working days are identical to RTGS working days.
For subscription-linked payments:
- The day before the charge date: Subscription creates payment at 9am. You may cancel it during the next 24 hours.
For ad hoc payments:
- Charge date: Ad hoc payment submission deadline is 9am.
For subscription-linked payments and ad hoc payments:
- Charge date: LotusPay submits all payments to the banking system shortly after 9am. Funds are received by LotusPay usually between 7pm and 10pm.
Settlement amounts can be reconciled via the dashboard or API. For settlement amounts less than Rs 2 lakhs, merchant receives the funds same day i.e. the charge date. For settlement amounts greater than Rs 2 lakhs, merchant receives the funds the next RTGS working day in the morning.